For the second time in two years, Apple Chief Executive Steve Jobs will take a medical leave of absence from his company, but the company co-founder will remain CEO and be involved in major strategic decisions, he said on Monday.

Apple issued a press release on Monday that included a note from Jobs that was sent to all of the company's employees. In it, Jobs revealed that Chief Operating Officer Tim Cook will again take over the company's day to day operations.

"At my request, the board of directors has granted me a medical leave of absence so I can focus on my health," Jobs wrote. "I will continue as CEO and be involved in major strategic decisions for the company."

The CEO said he believes that Cook will do a "terrific" job for Apple as he has done in the past. Cook's job as interim CEO during Jobs' previous medical leave of absence in 2009 recently earned him $59 million.

"I love Apple so much and hope to be back as soon as I can," Jobs wrote. "In the meantime, my family and I would deeply appreciate respect for our privacy."

Cook assumed the role of interim Apple CEO from January to June of 2009 so that Jobs could recover from liver transplant surgery. During that time, he oversaw the launch of several key products, most notably the iPhone 3GS.

Jobs returned to Apple in June 2009 after he received a liver transplant. In 2004, he also underwent surgery to address pancreatic cancer.

Jobs has long maintained that he believes his health is a private matter, a fact reiterated in Monday's note to employees.

The announcement comes on Martin Luther King Jr. Day in the U.S., a holiday on Wall Street where markets, including the NASDAQ, where AAPL trades, is closed. The news was also delivered a day before Apple is set to announce its quarterly earnings after the market closes on Tuesday.

Jobs' latest leave of absence comes after Apple's greatest calendar year ever, with the company selling more Macs and iPhones than ever before. 2010 also saw the introduction of the iPad, Apple's touchscreen tablet that has taken the technology industry by storm.

The importance of Jobs in his company's success was highlighted over the last year by numerous publications: Barron's declared him the world's most valuable CEO, while MarketWatch named him CEO of the Decade, and the Financial Times gave him the title Person of the Year.

Jobs was also listed as one of Time magazine's "People Who Mattered" in 2010, and a photo of the chief executive adorned the cover of the magazine when the iPad first launched in the U.S. in April.

This has to be expected to some degree, if you know anything about the kind of situation Steve is in. Money can buy you a lot but it can only help you fight cancer, it can't cure it.

Focussing on his health for a while makes total sense. I would also be happy to hear that Steve was relinquishing day-to-day running of the company, esp. if he was still able to maintain a key roll in taking big company decisions. Trouble is, there's always going to be a fair amount of stress involved in taking BIG decisions at Apple. Stress and cancer are not good bed-fellows. So I guess, Steve's level of involvement will very much depend on the advice he takes and how he feels he can cope with the stress.

But even s SJ less Apple is in good shape.
My guess is that Apple totaly dominate the >1000 USD market for computers ( were the profit margins are nice)
Apple then did quite well on the mp3 player market
Then the iPhone
Now the iPad
In the future Apple will do well with " the next great thing"

SJ and the people saved a moribund company sunk in quagmire of useless Newton and rotting Mac OS
in confusing maze of II and Performa and Centris and LC and Quadra and transformed it to the powerhouse we see today. As Iconic as SJ may be Apple is not a one man show even if he will be terrilbly missed if he departs.

This has to be expected to some degree, if you know anything about the kind of situation Steve is in. Money can buy you a lot but it can only help you fight cancer, it can't cure it.

Focussing on his health for a while makes total sense. I would also be happy to hear that Steve was relinquishing day-to-day running of the company, esp. if he was still able to maintain a key roll in taking big company decisions. Trouble is, there's always going to be a fair amount of stress involved in taking BIG decisions at Apple. Stress and cancer are not good bed-fellows. So I guess, Steve's level of involvement will very much depend on the advice he takes and how he feels he can cope with the stress.

My very best wishes to Steve and his family.

Well said. Also, Tim Cook is very capable. Get well Steve - best wishes.

We were all led to believe Steve'd had really turned the corner on this ....

And with the Dow's day off today plus a day's worth of newscycle build-up/panic, AAPL's gonna China Syndrome tomorrow ....

It's times like these where I really wish I weren't an athesist so I can say:
"My prayers are with Steve & his family."
But since that stupid superstion will net ZERO results, I can't.But the sentiment's there, all the same.

Get well supersoon, Stev .
The world needs more Steven P. Jobs, for we shall not gaze upon His like again.

"Technology Alone Is Not Enough -- Married With The Liberal Arts & The Humanities,It Yields Us The Results That Make Our Hearts Sing." - Steven P. Jobs